The global market for steam boiler systems is region-concentrated, finds a report by Transparency Market Research. This is because of the stronghold of main players in their respective home soils. Some of the prominent global players in the market are General Electric, Alstom, Cleaver – Brooks Inc., Larsen & Toubro Ltd., and BHEL. In 2015, all the leading companies together accounted for over 46% share in the overall market.
In order to bolster their positions further, the dominant companies in the global steam boilers system market are seen resorting to carefully-considered mergers and acquisitions. This is slated to up competition further in the market in the upcoming years.
As per the TMR report, the global market for steam boiler systems will likely register a 5.30% CAGR from 2016 to 2024 to attain a value of US$18.9 bn by 2024-end from US$12.0 bn in 2015. Vis-à-vis volume of sales, the report predicts the market to surpass 244,836 units mark by 2024.
What are the unique perceived benefits of water tube boilers serving to up their demand?
The different types of steam boiler systems purveyed in the market are water tube boilers, fire tube boilers, and superheaters. Of them, the water tube boilers are seeing maximum demand and the trend is expected to continue in the near future too. This is because water tube boilers steal a march over fire tube boilers with their higher efficiency, ability to transfer heat better, and ability to generate steam at higher pressure. The widespread use of water tube boilers in large power plants will also underpin the growth momentum of this segment in the near future.
Why is North America a leading market for steam boiler systems?
North America, currently leads the global steam boiler systems market. In 2015, its leading share came to about 30%. Going forward too, the market is expected to maintain its leading position due to the explosive growth in the food processing industry, along with chemical manufacturing, power plants, and oil and gas refineries in the region. Besides, the growing application of steam boiler systems for both residential and commercial purposes will also likely provide a fillip to the market in the region.
Asia Pacific and Europe are other major markets. Which factors are propelling them to the fore?
Other key regions in the global steam boiler systems market are Asia Pacific and Europe. Both regions are slated to grow at a healthy clip in the years to come. The growth in the market in Europe is likely to be brought about the presence of established manufacturing industries. The market in Asia Pacific, on the other hand, is predicted to be driven by the swift pace of industrialization, particularly in the developing nations of India and China.
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